Skrill Forex Brokers
Skrill is a popular payment method amongst traders and brokers because of its reliability, convenience and security. There are dozens of forex brokers accepting Skrill as a payment method for traders to make deposits and withdrawals from their trading accounts. Skrill is an e-wallet that allows you to load funds onto your Skrill account using various payment methods to spend with different online merchants supporting Skrill.
Skrill is an e-wallet that lets you transfer funds to load electronic money onto an account that you can transfer to other people and businesses using Skrill, such as a forex broker. It might seem counterproductive to transfer funds to a Skrill account just to transfer them to your trading account, but that’s without considering the benefits of using Skrill, which will be covered in this article.
This article also explains what a Skrill account is, introduces the company behind the service, why forex traders and brokers use Skrill, how to open a Skrill account and how to use the popular e-wallet to trade forex.
Introduction to Skrill
Skrill is an electronic money institution that was founded in the UK in 2001. Paysafe Limited acquired the company in 2015. Paysafe became publicly listed (for the second time) when it was listed on the New York Stock Exchange with the ticker symbol PSFE on the 31st of March 2021.
PaySafe Limited is a Bermuda company with several subsidiaries authorised or registered to provide electronic money, payment acquisitions and money transmission services in various jurisdictions.
For example, Paysafe has licenses from the Central Bank of Ireland and the Financial Conduct Authority in the UK. Skrill USA is also registered with the U.S. Department of the Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business and is regarded as a money transmission business in the United States.
Paysafe also owns NETELLER, another popular payment method and e-wallet solution for forex traders and brokers. Before Paysafe acquired Skrill, it was a competitor of NETELLER. Collectively, Skrill and NETELLER support 3.8 million users.
Skrill operates in more than 120 countries and is available in over 15 languages. Skrill allows users to fund their accounts with over 70 alternative payment methods, supports 40 currencies and offers money transfer services to over 35 countries.
Skrill appeals to online traders and gamers due to access to leading forex brokers, online trading platforms, crypto exchanges and gambling and gaming companies.
Skrill Forex Brokers For 2021
Skrill is used by some of the largest and most trusted forex brokers in the world. As of September 2021, 65 forex brokers support Skrill. Forex Rank analysts have prepared a complete list of Skrill forex brokers and compiled a shortlist of our highest rated forex brokers offering Skrill as a payment method.
Featured Skrill Forex brokers list
- IC Markets
- FP Markets
- BlackBull Markets
Best Skrill Forex Brokers List 2021
|Account Base Currency||USD, AUD, EUR, GBP, CAD, JPY, NZD,CHF, SGD, HKD|
|Trading Platforms||Metatrader 4/5, cTrader, Webtrader, API Trading, MAM / PAMM|
|Broker Type||Market Maker|
|Regulations||ASIC, B.V.I, FSA, FFAJ, FSCA, IIROC|
|Account Base Currency||USD EUR GBP AUD|
|Max Leverage||400:1 / 30:1 EU Clients|
|Trading Platforms||Metatrade 4, AvaTradeAct, Web trading, AvaOptions AvaTradeGO, Mobile trading|
|Broker Type||ECN, DMA|
|Min Deposit||$100.00 USD|
|Account Base Currency||AUD, CAD, CHF, EUR, GBP, HKD, CNY, NZD, SGD, USD|
|Trading Platforms||IRESS, Metatrader 4 and 5, MAM, PAMM|
|Regulations||FSCL and FSPR|
|Account Base Currency||USD EUR GBP AUD NZD SGD CAD JYP ZAR|
|Trading Platforms||Metatrader 4|
|Broker Type||Market Maker|
|Regulations||FCA, CySec, CIMA, DIFC|
|Account Base Currency||USD, EUR, GBP, RUB, AED|
|Max Leverage||1:500, EU Clients 1:30|
|Trading Platforms||Metatrader 4/5|
Complete List of Forex Brokers That Accept Skrill
A list of Forex brokers that support the Skrill payment system as an option for funds deposit/withdrawal:
Pacific Financial Derivatives
One Financial Markets
ROinvesting (ex-GMO Trading)
How to Open a Skrill Account
To open a Skrill account, you’ll need to follow a similar process to opening a forex trading account. Because Skrill provides financial services, you’ll need to provide some personal information and possibly verify your identity and place of residence.
Skrill lets you open an account by providing minimal information, but as you begin using services and exceed certain transaction limits, they gradually ask to verify more information about yourself. The transaction thresholds vary depending on your region and type of transaction.
To open your Skrill account and start exploring features, you’ll need to provide your name, country of residence, preferred currency, email address and set an account password.
To activate and start using your Skrill account to receive payments and add funds, you’ll also need to provide your residential address, date of birth and mobile phone number.
After you’ve made your first deposit or received your first payment, you can proceed with a full verification of your Skrill account. Skrill uses a third-party document verification company called Jumio to process and determine the authenticity of your documents.
To verify your Skrill account, you’ll need to upload or take a photo of your identity documents, such as a passport or drivers license, take a selfie and upload a document that can prove your address, such as a bank statement or utility bill.
Additional Skrill verification steps
Once your Skrill account is verified, the company may request further information, especially if you are transferring large amounts. For example, the company might request a selfie with you holding your ID next to your face or documents to prove your source of funds.
How To Use Skrill
Once you’ve created a Skrill account, you can access it from your mobile device by downloading the application or from your computer by logging into the web application from your browser.
To load funds onto your Skrill account, go to the “deposit” section of the application and follow the steps to add funds via your preferred payment method.
To use Skrill to deposit funds to your forex trading account, follow these steps:
- visit your broker’s website and log in to your client zone.
- Next, select Skrill as the deposit method and enter the amount and your email address linked to your Skrill account and click pay.
- You’ll be redirected to the Skrill log in screen, where you should enter your Skrill account email and password.
- If you have enough funds in your Skrill account, you can authorise the transaction and complete the deposit to your forex account. If you don’t have enough funds, you can make a top-up to your Skrill account to complete the transaction.
Skrill Deposit Methods
You can load funds to your Skrill account using one of many payment methods. If you deposit using an electronic funds transfer method, such as a credit/debit card transaction, the deposit will be instant. However, a deposit via bank transfer could take up to five days before it’s credited to your account but typically take one or two days.
The deposit options available vary by region, but some of the payment methods Skrill accepts are:
- Credit/debit card (VISA, Mastercard, JCB, Diners Club)
- SEPA bank transfer (euro)
- SWIFT bank transfer
- Przelewy 24
- Rapid Transfer
- Mister Cash
The costs to use Skrill vary by country, payment method and transaction type. Another factor influencing fees is whether you qualify for a VIP status, which is achieved by exceeding certain transaction values in a quarter. Refer to the Skrill VIP programme for more information on how you can get lower fees.
- Deposit funds = 1%
- Withdraw funds via bank transfer = €5.50
- Withdraw funds to NETELLER = €3.49%
- Transfer funds to other Skrill users = 2.99%
- Receive funds from other Skrill users = Free
- Currency conversion fee = 3.99%
- ATM withdrawal via Skrill debit card = 1.75%
- Point of sale transactions via Skrill debit card = Free
Advantages and Disadvantages of Using Skrill For Forex Trading
Skrill is used by millions of people, thousands of merchants and dozens of forex brokers that accept Skrill. However, not every payment system is flawless. This section explores the advantages and disadvantages of using Skrill to fund forex trading accounts.
Advantages of using Skrill Forex brokers
Skrill offers numerous advantages to forex traders and investors, such as:
- Deposit and withdraw funds from your trading account quickly via Skrill. Because Skrill is an e-wallet system, balance transfers between your Skrill account and your broker’s Skrill account are instant.
- Skrill offers numerous methods for funding your account and probably offers more options than most forex brokers offer.
- You can get a prepaid Skrill Mastercard that lets you spend from your Skrill account balance anywhere Mastercard is accepted and make cash withdrawals at ATMs. Therefore, you can withdraw forex trading profits to Skrill and then visit the ATM to withdraw cash.
- Skrill is a secure electronic money institution. The company operates with a license from the UK Financial Conduct Authority and the Central Bank of Ireland, making it a secure, trustful, and safe means of doing transactions. Therefore, many traders prefer keeping their funds in a Skrill account rather than their forex trading account.
- Skrill offers a simple process for funding your forex trading account.
- It is free to receive money to your Skrill account, and most brokers cover the fees for making deposits. Therefore, you don’t need to worry about withdrawing your forex trading profits to your Skrill account.
- Although many forex brokers have stopped offering incentives, Skrill still offers regular users various rewards and loyalty schemes, making it one of the few ways to get forex bonuses.
Disadvantages of using Skrill Forex brokers
Despite there being numerous advantages for using Skrill as a funding method while trading forex, there are still some drawbacks to consider, such as:
- Unless your broker covers the fees, Skrill is more expensive than other solutions. For example, depositing via credit or debit card incurs a 1% fee for most European residents and a 2.5% fee for Russian residents.
- Withdrawals via a bank transfer cost €5.50, which is expensive for small transactions. Other withdrawal methods cost around 2% of the transaction value.
- Skrill charges an inactivity fee of €5 per month if your account has been inactive for six months.
- If your broker does not support your native currency, Skrill charges a currency conversion fee of 3.99%, which is considerably high.
History of Skrill
Skrill, formerly known as Moneybookers, was established in 2001. The company has a long and complicated history of being acquired and rebranded multiple times over the past two decades.
In 2007, Skrill was purchased by Investcorp, a global asset manager specialising in alternative investments.
In 2011, Moneybookers announced the company would rebrand as Skrill. The company completed the rebrand from Moneybookers to Skrill in 2013. In the same year, Skrill acquires Paysafecard.
Towards the end of 2013, Skrill was acquired for €600 million by CVC Capital Partners, a huge private equity firm. In 2015, CVC sold Skrill for €1.1 billion to Optimal Payments, the parent company of NETELLER, a rival of Skrill. Optimal Payments ultimately rebranded as Paysafe.
In 2017, CVC, alongside The Blackstone Group, purchased Paysafe for £2.96 billion and delisted the company from the London Stock Exchange.
In 2021, Paysafe was listed on the New York Stock Exchange via a special purpose acquisition vehicle (SPAC) valued at $9 billion.
Frequently Asked Questions
How to pick a decent Skrill forex broker?
Not every forex broker supports Skrill. If you’ve decided that Skrill is the payment method you’re determined to use to fund your trading account, the next step is to choose a broker from our complete list of Skrill forex brokers.
Every forex broker varies in terms of what platforms, trading instruments and account currencies they support and the spreads, commissions and swaps they charge vary.
We’ve prepared a complete list of forex brokers that accept Skrill and written numerous broker reviews to help you find the best Skrill forex broker in the industry.
Can I perform a chargeback using Skrill?
Although it is possible to make a chargeback claim against Skrill, you can only do so under two circumstances: for unauthorised transactions or Skrill breached its terms and conditions. There is a €25 fee for any chargeback claim. You may not submit a chargeback claim against Skrill because of any disputes with merchants. You should discuss your disputes with merchants directly with Skrill.
Do I need a Skrill account to trade forex?
No. Most brokers offer several account funding methods to deposit and withdraw funds from your trading account. If you don’t have a Skrill account, don’t worry. You can deposit using your Visa or Mastercard, bank transfer and other e-wallets.